Compare student loan refinance lenders on total repayment cost, repayment flexibility, and borrower protections. We profile four private refinance lenders, explain which federal benefits you give up when you refinance, and include a repayment calculator that shows how a longer term changes what you pay.
Refinancing replaces your existing loans with a new private loan. If you refinance federal loans, you permanently lose federal protections: income-driven repayment plans, Public Service Loan Forgiveness, federal deferment and forbearance options, and any future federal relief. Borrowers who want one payment but need to keep federal benefits should look at a Direct Consolidation Loan instead. Review your loan types on StudentAid.gov before you apply anywhere.
Fixed vs. variable rates and the real total cost
A fixed rate stays the same for the life of the loan; a variable rate starts lower but can rise with market indexes. The rate you are offered depends on your credit history, income, debt-to-income ratio, and sometimes your degree. A longer term lowers the monthly payment but increases total interest, so compare the total repayment amount, not just the payment. Autopay discounts are common but usually require enrollment to keep the lower rate.
Cosigners, hardship options, and eligibility
If you need a cosigner, ask how and when cosigner release is available. Compare each lender’s forbearance policy for job loss or hardship, whether loans are discharged on death or permanent disability, minimum and maximum loan amounts, and requirements such as a completed degree or U.S. citizenship. These protections differ meaningfully between private lenders.
How to compare refinance offers
Most lenders let you check rates with a soft credit inquiry that does not affect your score. Request quotes from several lenders within a short window using the same balance and term, compare fixed with fixed and variable with variable, read the fee disclosures for origination or late fees, and run the numbers through the repayment calculator on this page to see total interest under each offer.
THE DETAILS THAT MATTER
How to choose a student loan refinance lender
01
Review federal benefits first
Refinancing federal student loans into a private loan can permanently remove federal repayment and forgiveness protections. Check current Federal Student Aid guidance before applying.
02
Compare like-for-like offers
Use the same balance and term. Compare fixed and variable rates separately, including any autopay requirements. The lowest advertised rate may not be the rate you qualify for.
03
Look beyond the payment
Ask about hardship options, cosigner rules, and total interest. Use the repayment calculator below to understand how a longer term changes your costs.
RUN THE NUMBERS
What could your payment look like?
Explore a fixed-rate loan with equal monthly payments.
Monthly payment$341
Total interest$10,877
Total repayment$40,877
Illustration only. Excludes fees and assumes a constant interest rate with no extra payments. This is not a lender offer.
A CLOSER LOOK AT OUR APPROACH
How we compare student loan refinance lenders
Our category framework focuses on the information that helps readers evaluate a student loan refinance lender. The weights below define the research priorities; numerical company scores are withheld until the supporting evidence is complete.
Frequently asked questions about student loan refinance lenders
What is student loan refinancing?+
Refinancing means taking a new private loan to pay off one or more existing student loans, ideally at a lower rate or with a different term. The new lender sets the rate based on your credit and income. Federal loans that are refinanced become private loans.
Is refinancing student loans a good idea?+
It can be for borrowers with strong credit and stable income who hold private loans or who do not need federal protections. It is usually not advisable for borrowers relying on income-driven repayment, pursuing Public Service Loan Forgiveness, or with uncertain income.
What credit score do I need to refinance student loans?+
Lenders set their own criteria, and the lowest advertised rates go to applicants with excellent credit and low debt-to-income ratios. Many lenders look for scores in the mid-600s or higher, or a creditworthy cosigner. Prequalification shows your likely rate without a hard inquiry.
Can I refinance federal and private student loans together?+
Yes, private lenders generally allow you to combine both into one new private loan. Remember that any federal loans included lose federal benefits permanently, so some borrowers refinance only their private loans.
Does checking refinance rates hurt my credit?+
Rate checks that use a soft inquiry do not affect your score. A hard inquiry occurs when you submit a full application. Lenders disclose which type they use, so confirm before you start.
What is the difference between refinancing and consolidation?+
A federal Direct Consolidation Loan combines federal loans into one federal loan at a weighted average rate and keeps federal protections. Refinancing is a new private loan that can lower your rate but removes federal benefits for any federal loans included.
Sources & further reading
Provider websites are starting points for product and service information. A company’s own description does not independently establish quality or suitability.
